AUTOMOTIVE INDUSTRY EUROPE
Ford to cut 4,000 jobs in Europe, cites disruptive shift to electric vehicles, economic headwinds
Ford Motor Co. is cutting 4,000 jobs in Europe and the U.K. by the end of 2027 due to economic challenges, increased competition, and lower-than-expected electric vehicle sales. The majority of job losses will occur in Germany, with reduced working hours at the Cologne plant. Ford aims to enhance its competitiveness in the evolving European automotive market.
In high-wage Germany, Volkswagen's labour costs outstrip the competition
Volkswagen faces pressure to reduce labor costs in Germany as they exceed those of rivals like BMW and Mercedes-Benz. While unions demand a 7% pay rise, the company, grappling with high production costs and competition from cheaper Chinese models, proposes a 10% cut. Negotiations are set to begin as Volkswagen aims to improve its competitiveness.
Nissan ships 2,700 units of its latest Magnite compact SUVs to South Africa
Nissan has begun exporting its upgraded compact SUV, the 'Magnite,' to South Africa from its India manufacturing plant. With 2,700 units already shipped, Nissan plans to expand exports of the popular 'Made in India' Magnite to over 65 countries, solidifying India's role as a key export hub for the automaker.
Volkswagen boosts bet on Rivian's EV tech by $800 million
The companies also named leaders for their multibillion-dollar joint venture and showcased a prototype EV. The spending may ease concerns about Rivian's cash burn and give the German carmaker access to its US partner's software technology - an area where VW has stumbled.
Schaeffler to cut 4,700 jobs as clouds over Europe's auto sector darken
Schaeffler, a German auto parts manufacturer, announced 4,700 layoffs across Europe, primarily in Germany, citing a challenging market environment and the shift to electric vehicles. The company's operating profit fell nearly in half in the third quarter, reflecting struggles in the European auto industry with high costs, falling demand, and competition from China.
Volkswagen's EV Woes: From 'das auto' to 'drive digger' and the road ahead
Volkswagen, after facing setbacks in its electrification strategy, is announcing plant closures and layoffs. The company's struggles stem from declining sales in China, its largest market, where buyers are shifting towards locally produced EVs. VW's situation is further aggravated by tariff wars, reduced government subsidies, and strong competition from Chinese EV manufacturers like BYD.
These mid-cap stocks with ¡®Strong Buy¡¯ & ¡®Buy¡¯ recos can rally over 26%, according to analysts
The market focus, naturally, has been on FII selling this month. In the process, the street seems to have forgotten another reason for the current bearishness: The deadline for implementing the measures market regulator SEBI ordered to curb rising speculation is fast approaching. These measures were announced mid-year, to be implemented towards the end of 2024. So, there is a technical reason as well for the correction. And if the Nifty sees further correction, mid-caps are likely to be hit hard. However, some of them may buck the trend. ET Screener, powered by Refinitiv¡¯s Stock Report Plus, lists quality stocks with high upside potential over the next 12 months, and having an average recommendation rating of ¡°Buy¡± or "Strong Buy". This predefined screener is only available to ET Prime users.
EU slaps tariffs on Chinese EVs, risking Beijing payback
The EU has decided to impose tariffs ranging from 7.8% to 35.3% on Chinese-built electric vehicles, citing unfair subsidies. This move has caused tensions with Beijing, which has launched retaliatory probes into EU imports. The tariffs aim to address China's significant EV production capacity and its impact on the EU market.
Modi, Sanchez encourage joint defence projects under Make in India
PM Narendra Modi met Spanish PM Pedro Sanchez in Vadodara. They encouraged their defence industries to set up joint projects in India. They agreed to form a Fast Track Mechanism to facilitate mutual investments. They also signed documents on rail transport cooperation and customs matters. They discussed the India-Middle East-Europe Economic Corridor Project.
Mercedes and Porsche¡¯s fight with China is coming close to home
Chinese companies BYD, Nio, and others are competing against European luxury car brands like Mercedes and BMW. They are leveraging advanced technology, competitive pricing, and expanding their presence in European markets, showcasing sophisticated features. This competition puts the global market for premium and luxury vehicles in a state of flux.
EU auto biz slump throws IT¡¯s growth plans off the track
Top IT giants Tata Consultancy Services (TCS), Infosys, and HCLTech reported softness in the automotive sector, particularly in Europe, during Q2. This was attributed to ongoing supply chain challenges and regulatory shifts.
KPIT Technologies to see softness in next two quarters
The Pune-headquartered automotive-focused IT firm reported a 44% year-on-year rise in consolidated net profit at Rs 203.7 crore and a 22.7% increase in revenue at Rs 1,471.4 crore for the July to September quarter of FY25.
As North America gains traction, IT companies note softness in Europe
Experts also say Europe is facing a decelerating economy which is unlikely to improve in the near future and, hence, clients are pulling back hard on discretionary spends and looking to delay large projects.
BMW CEO Oliver Zipse says EU combustion-engine ban ¡®no longer realistic¡¯
BMW CEO Oliver Zipse warns that the EU's plan to ban combustion-engine cars by 2035 will significantly shrink the automotive industry in Europe. He argues that the continent is not ready to transition entirely to electric vehicles and criticizes the sustainability of subsidies for these models.
Tata Elxsi shares jump 3% after Q2 PAT rises 14% YoY to Rs 229 crore
Tata Elxsi reported a 14% growth in consolidated net profit, reaching Rs 229 crore for the second quarter, compared to Rs 200 crore in the same quarter last year. Revenue from operations also increased by 8% year-on-year to Rs 955 crore, up from Rs 882 crore. On a sequential basis, profit rose by 27%, while revenues increased by 3% quarter-on-quarter.
Italy-India: Cooperation in full swing from IMEEC to defence industry
India and Italy's strategic partnership is expanding, featuring increased bilateral trade, defence cooperation, and joint ventures in technology and cultural sectors. The countries aim to enhance their collaboration through initiatives like the Indo-Middle East-Europe Economic Corridor and potential third country projects in Africa, bolstering economic and geopolitical ties.
Tata Elxsi Q2 Results: PAT rises 14% YoY to Rs 229 crore; revenue up 8%
Tata Elxsi reported a 14% increase in net profit at Rs 229 crore for the second quarter. Revenue from operations grew by 8% to Rs 955 crore. Growth was driven by strong performance in emerging markets, particularly in transportation. A $50 million deal with a global OEM also contributed. Media and healthcare segments saw some declines.
Ultraviolette Automotive starts exports of e-motorcycle to EU markets
Ultraviolette Automotive has started exporting its F77 Mach 2 electric motorcycles to the European Union. The flag-off ceremony in Bengaluru was attended by Union Minister H D Kumaraswamy and Karnataka Minister M B Patil. This move is seen as a significant step in positioning India as a global player in the EV industry.
Is the EV transition sustainable amidst global pressures? Sachin Tikekar explains
There are a couple of off-highway and truck OEMs that we are working with now, where we think that they can add to our T25 client list in the near to immediate future.
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